At Dow, we continually manage our capital and cost structure to drive efficiencies and reduce debt. Our focus on operating and capital efficiency gives us flexibility to respond to changing economic conditions while also enhancing our productivity and profitability.

Solutions At Work

Focus on productivity, gross margin growth and reliability as we scale

Continued focus on reducing debt and aligning capital spending with economic conditions

Targeting to deliver more than $1 billion in cash from interventions in 2012

Dow has accelerated its drive for Efficiency for Growth (EFG). Launched in 2011, EFG focuses on new and better ways to mange cash, costs and working capital to consistently increase margins and free resources to invest for growth. Our target is to realize $2-3 billion in cash flow by the end 2015.

Cash Flow from Efficiency For Growth

Significant Debt Reduction

We expect to generate $8 billion in cash flow in 2011 and 2012, and $35 billion in cash from operations from 2009 to 2015. We are employing our cash in a consistent manner: actively managing our capital structure to reduce debt, investing in organic growth opportunities, and rewarding shareholders through dividend payback.

Cash Flow from Operations

FORWARD-LOOKING INFORMATION

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements made by or on behalf of The Dow Chemical Company and its subsidiaries (the Company). The forward-looking statements contained in this web site involve risks and uncertainties that may affect the Company's operations, markets, products, services, prices, and other factors as discussed in filings with the U.S. Securities and Exchange Commission (SEC). These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental, and technological factors. Accordingly, there is no assurance that the Company's expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.